10-Q · November 10, 2025
Viasat reported quarterly revenue of $1,140,893,000 (three months ended September 30, 2025), up modestly from $1,122,262,000 a year earlier. The company swung to positive operating income of $35,775,000 from an…
Earnings analysis · 10-K
VSAT earnings analysis
Filed May 29, 2026 · Our reading of the company's report
The latest report
Viasat's 10-K filing reveals a slightly bullish sentiment amid challenges. The company reported total revenues of $4.64 billion for fiscal year 2026, up from $4.52 billion in 2025, despite an operating loss of $104.8…
Read full summary
Viasat's 10-K filing reveals a slightly bullish sentiment amid challenges. The company reported total revenues of $4.64 billion for fiscal year 2026, up from $4.52 billion in 2025, despite an operating loss of $104.8 million. Its acquisition of Inmarsat is seen as strategic, as the company expects to leverage its assets for future growth. However, volatility in earnings and reliance on government contracts remain concerns.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.25
- Segment
- Communication services
- Segment
- Defense and advanced technologies
What stood out
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Revenue Growth Despite Challenges
Total revenues increased by $120.7 million from $4.52 billion in FY25 to $4.64 billion in FY26.
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Strong Backlog Position
Firm backlog totaled $4.07 billion as of March 31, 2026, with approximately half expected to be delivered within the next 12 months.
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Free Cash Flow Positive
Generated approximately $1.6 billion in cash flow from operations, reflecting improved financial dynamics.
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Successful Inmarsat Acquisition Integration
Completed the acquisition of Inmarsat in May 2023, contributing strategic advantages and enhancements to service offerings.
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Cost Management Improvements
Significant reduction in selling, general and administrative expenses by $181.6 million year-over-year.
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Free Cash Flow Rebound
Turned a free cash flow of $444 million in Q3 2026, demonstrating solid operational efficiency.
What to watch
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Operational Risks Post-Acquisition
Integration of Inmarsat may pose challenges, with potential costs impacting profitability; $31.3 million in acquisition-related costs recorded.
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High Level of Indebtedness
As of March 31, 2026, Viasat's debt stood at $6.6 billion, increasing liquidity risks amid operational losses.
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Reliance on Government Contracts
Revenues from U.S. Government represent approximately 16% of total revenues, exposing the company to government budget pressures.
Management's outlook
Annual outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · August 8, 2025
Viasat reported quarterly revenue of $1,171,054,000 (three months ended June 30, 2025), up $44,594,000 year-over-year, but gross margin contracted to 35.0% from 36.9% and GAAP diluted loss widened to $(0.43) per share…
10-K · May 27, 2025
Viasat positions itself as a vertically integrated, multi‑band and multi‑orbit satellite communications provider focused on aviation, maritime, fixed broadband and government satcom, leveraging a fleet of 23…
10-Q · February 10, 2025
Viasat reported essentially flat quarterly revenue of $1,123,767,000 (down $4,772,000 vs prior year) with a modest gross margin improvement to 32.2% and an operating profit of $21,248,000 (vs an operating loss of…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.